Crisis-Hit Volkswagen reports sharp profit drop

Volkswagen, facing ongoing crises, reported a significant drop in profit after tax by nearly 64 percent in the third quarter, with a result of 1.6 billion euros, approximately 12 billion Danish kroner. Despite revenue remaining stable at 78.5 billion euros, equivalent to the same period last year, the decrease in profit is attributed to challenging market conditions and high costs, especially from decreased sales in China. The company plans to close at least three factories in Germany, impacting tens of thousands of jobs. This may affect around 400 Danish companies and about 7,000 employees providing components to the German auto industry. Negotiations with the IG Metall union continue, with the union demanding a 7% wage increase, which employers have rejected.